While most people assume that California would take the cake for cities with the highest mortgages, a new contender is leading the pack. According to a recent study from Experian, the top five cities with the highest mortgage balances right now are in Florida.
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The Sunshine State has booted its Western counterpart from the top spot. Multimillion-dollar mortgages are trending for Floridians in the state’s most affluent neighborhoods. Here are the 10 cities with the highest mortgage balances, including Florida’s top five.
Also see 17 U.S. cities where mortgage payments surged over 200% in 10 years.
1. Golden Oak, Florida
Located just four miles from Magic Kingdom, Disney’s Golden Oak takes luxury to the next level. Living near the “Most Magical Place on Earth” comes with a price tag, though. According to Experian, residents of Golden Oak neighborhoods have the highest mortgage balances in the country at $3,627,594, on average.
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2. Gulf Stream, Florida
The second city in the Sunshine State with an over $3 million mortgage balance, on average, is Gulf Stream. The scenic coastal town is home to multimillion-dollar homes that carry jaw-dropping mortgages. The average mortgage balance in the century-old town is $3,206,007.
3. Golden Beach, Florida
Coastal living doesn’t get much better than in the idyllic seaside town of Golden Beach. It does, however, come at a price. The town’s oceanfront mansions carry massive mortgages. Research shows that Golden Beach homeowners owe $2,969,951, on average.
4. Captiva, Florida
Some would argue that paying a small fortune to live on the white sand beaches of Captiva Island is a small price to pay for paradise. Homes are lavish, often costing several million dollars, which explains why the average mortgage balance in the area is $2,620,156.
5. Atlantis, Florida
Rounding out the top five is a golf destination located in Palm Beach County. Atlantis is an exclusive area with resort-like qualities. Homeowners, however, pay a price for tranquility. The average mortgage balance in the city is $2,585,199.
6. Montecito, California
While the Sunshine State may have dethroned California from the top spots, the Golden State was still destined to make the top 10. For instance, homeowners in Montecito have an average mortgage balance of $2,487,787.
Homes in the area cost a small fortune, but may come with celebrity sightings. According to Visit California, Oprah has a home in the ultra-exclusive town.
7. Hidden Hills, California
Homeowners in the high-priced community of Hidden Hills have a mortgage balance of $2,149,578, according to Experian. The multimillion-dollar homes are close enough to Los Angeles to be a daily commute but far enough away to feel like a vacation.
8. Atherton, California
Another California city to make the list was Atherton, located in San Mateo County. Here, homeowners have an average mortgage balance of $2,137,851. While pricey, the exquisite city offers more than just luxury homes. It offers scenic views and proximity to major industrial hubs.
9. Hunts Point, Washington
Florida and California may have dominated the list with the most cities that have multimillion-dollar mortgage balances, but Hunts Point is also a top contender. Homeowners have an average mortgage balance of $2,016,164.
10. Sagaponack, New York
Located in the Hamptons, it is no wonder that Sagaponack made the top 10 list for cities with the highest mortgage balance. Residents have a mortgage balance of $1,977,857, on average.
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This article originally appeared on GOBankingRates.com: 10 Cities With the Highest Mortgage Balances Right Now: The Top 5 Are in Florida
